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M••••••• P•••••• C••••• F•••

Business development companymanaged by M••••••• I••••••••• M•••••••••Non-traded· BOSTON, MA

A non-traded business development company, managed by M••••••• I••••••••• M•••••••••, holding $329M across 84 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$329M
Schedule of investments, 10-Q and 10-K
Borrowers
84
Schedule of investments, 10-Q and 10-K
Schedule of investments (283)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 0 → 8
    loans paying in kind

    Loans paying in kind rose from 0 to 8 positions in the quarter to Jun 30, 2026.

    Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  2. $221M → $329M
    fair value, 4 quarters

    Its portfolio grew 49% at fair value over the last four quarters.

    Q2 2026 · A fast-growing book is deploying new capital.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1988280 · file 814-01664Show
Fair value
$329M
as of Jun 30, 2026
Principal held
$410M
debt pieces, the filer's figure
Cost
$390M
mark not established
Unfunded
Not disclosed
commitments not yet drawn
Positions
283
84 borrowers
First lien
not established
127% debt by fair value
Quarters on the tape
11
since Dec 31, 2023
Facilities held
217
14 sponsors financed
Portfolio through time
Fair value by quarter end$329M as of Jun 30, 2026
Dec 31, 2023$754M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$329M84n/a8506 bp
Mar 31, 2026$314M81n/a0512 bp
Dec 31, 2025$541M82n/a5515 bp
Sep 30, 2025$253M75n/a0520 bp
All 12 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$221M67n/a1518 bp
Mar 31, 2025$1.1B61100c0525 bp
Feb 24, 2025$96.4M1n/a0n/a
Dec 31, 2024$1.1B55100c1532 bp
Sep 30, 2024$737M44101c0542 bp
Jun 30, 2024$659M42n/a0560 bp
Mar 31, 2024$620M33101c0572 bp
Dec 31, 2023$754M26101c0577 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2025
422 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•• S•••••• D•• L••
H••••• care providers and services
revolver lien unstated$140,351$140,3510.00%Apr 4, 2029
H••••• M••••••••• A••••••••• I•••
P••••••••• services
revolver lien unstated$124,004$124,004S+625 bpMar 30, 2029
R••••••••• S•••••• L••
C••••••••• services and supplies
revolver lien unstated$125,263$121,192SOFR+600 bpJan 24, 2028
B••••• B••••••••• H••••••• L••
H••••• care providers and services
revolver lien unstated$114,512$113,6530.00%Jun 21, 2029
B••••• F••••••• I•••
H•••••, restaurants and leisure
revolver lien unstated$114,998$107,236SOFR+600 bp
PIK 0.50%
Jul 27, 2028
S•••••• P••••• L••
I••••••••
term loan lien unstatedNot disclosed$106,524S+500 bp
R•••• A••••••••• L••
M••••••••
term loan lien unstatedNot disclosed$105,029S+475 bp
C•• I•••••••• L•
P••••••••• services
term loan lien unstatedNot disclosed$86,539
S••••••••• i••••••••• 9••• • L••• u••••••• l••• c••••••••• •unstated lien unstatedNot disclosed-$106M
P••••••••• s••••••• 2••••
P••••••••• services
unstated lien unstatedNot disclosedNot disclosed
I••••••••• t••••••••• 1••••
I••••••••• technology
unstated lien unstatedNot disclosedNot disclosed
I• s••••••• 1••••
IT services
unstated lien unstatedNot disclosedNot disclosed
M•••••••• 7•••
M••••••••
unstated lien unstatedNot disclosedNot disclosed
S••••••••• i••••••••• 9•••unstated lien unstatedNot disclosedNot disclosed
n/a
F••••••••• 7•••
F•••••••••
unstated lien unstatedNot disclosedNot disclosed
S••••• l•••• 2•••••term loan lien unstatedNot disclosedNot disclosed
n/a
C••••••••• a•• e••••••••• 1•••
C••••••••• and engineering
unstated lien unstatedNot disclosedNot disclosed
C•••••••• 7•••
C••••••••
unstated lien unstatedNot disclosedNot disclosed
S••••••• 8•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
I•••••••• 3•••
I••••••••
unstated lien unstatedNot disclosedNot disclosed
M•••••••• 7•••
M••••••••
unstated lien unstatedNot disclosedNot disclosed
E••••• •• 0•••unstated lien unstatedNot disclosedNot disclosed
n/a
Page 5 of 5Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2026reported
Filings listed
11reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-348951reported

Not yet on record: mark on cost, first lien.